Stocks end higher
Stocks ended Friday on a positive note, although volumes again were thin as investors preferred to stay on the sidelines.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.29 percent, or 18.52 points, to close at 6,346.40. The broader all-shares index also gained 0.11 percent, or 4.26 points, to 3,896.
The gains came as Wall Street rallied the previous night following indications from the US Federal Reserve that it would continue to support stimulus measures.
Still, trading at the PSE involved 984.04 million shares valued at P6.85 billion.
Joseph Roxas, president of stockbrokerage firm Eagle Equities Inc., said the smaller volume was typical during the last quarter of the year.
But in this case, he noted that some investors continued to hold back until a clearer picture, meaning the full economic impact, of the destruction of Typhoon Yolanda emerges.
He added that several equity and fixed-income issuances have helped absorb some of the available domestic liquidity.
“Volumes now are actually lower. But prices should creep up slowly toward the end of the year,” Roxas said.
Data from the Philippine Stock Exchange, meanwhile, showed that industrial, services and mining and oil subsectors ended in the red. Financials, holding firms and property companies closed positive.
Advancers and decliners were evenly split at 74 each while 50 companies closed unchanged.
Leading the most active list was Philippine Long Distance Telephone Co., which declined 0.07 percent to P2,798 a share. This was followed by Puregold Price Club Inc. (-4.04 percent), Semirara Mining Corp. (+1.44 percent), Metropolitan Bank and Trust Co. (-0.12 percent ) and Alliance Global Group Inc. (+0.75 percent). Miguel R. Camus
